Shenzhen News, 4/01/10

On March 27, US payment services company Mezabay and Singaporean company Legend Venture Pte signed a funding agreement with Beijing-based Mayi.com, a social networking site that requires video authentication of its users. Details, including the amount of the transaction and method of investment, have yet to be released.

Under the terms of the agreement, Mezabay International will acquire a 51% stake in Mayi.com in exchange for nearly RMB 10 mln. Legend Venture Pte will become a partner of Mayi.com, bringing funding, resources, and its experience to the table.

Mayi.com will work to release an English version of its site, as well as versions in other languages.

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